SoMo has launched a deal that will see the bridging firm pay up to £2,000 of legal fees if brokers lock in loans by midnight 4 April.

The company says the deal is designed to allow brokers to provide borrowers with savings “at a time when we’re seeing huge price rises across fuel, food, energy and the general cost of living”.

SoMo managing director Jamie Jolly says: “As SoMo doesn’t ask for legal fees upfront, it’s a win-win situation. If borrowers don’t complete, they’ll never have to put their hands in their pockets for legals and if they do, they’ll get up to £2,000 back.”

“We work closely with our brokers and fully understand the broker–borrower relationship, which is why we’ll continue to provide incentives that get deals over the line. Borrowers won’t only benefit from a brilliant deal but also our range of innovative products and first-class customer service.”

Jolly adds that members of the firm’s SoMo Family, an invitation-only club of brokers with experience in bridging loans and handle good volumes of business, would be offered a further incentive.

He says: “In addition to the newly launched lock-in deal, SoMo Family members have the added bonus of being entered into a prize draw to win, for themselves, the cost of the legal fees being paid to their borrower.

“With only 51 members in the SoMo Family, there’s a good chance of winning up to £2,000.”